There are two important short-term price levels on the chart: ~108, where the 10 and 20 day EMA are right now and the 102-104 level.
Also remember that oil stockpiles are down which will add some support to the bulls.
Monday, September 16, 2013
Keep an Eye On Oil
With the situation in Syria appearing to have a viable diplomatic solution, one of the key ingredients to oil's recent rally is gone. That means we could see a slight sell-off in the oil market. This would be a very welcome development for the US economy as oil prices are currently at a growth-choking level.
There are two important short-term price levels on the chart: ~108, where the 10 and 20 day EMA are right now and the 102-104 level.
Also remember that oil stockpiles are down which will add some support to the bulls.
There are two important short-term price levels on the chart: ~108, where the 10 and 20 day EMA are right now and the 102-104 level.
Also remember that oil stockpiles are down which will add some support to the bulls.
